Bailout 101

Can someone explain to me—and to anyone else who reads this blog and doesn't speak economics—what happened with regards to the current financial crisis and the failed $700 billion bailout plan? I've been following the news but I'm still incredibly confused by what's going on. Thank you!

UPDATE: I love ABC World News With Charles Gibson... they've created a cartoon to explain what's going on in the most basic terms. A cartoon. I'm watching...